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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Franklin County Board of Review is
warranted. The correct assessed valuation of the property is:
LAND: $ 1,970
IMPR.: $ 41,216
TOTAL: $ 43,186
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Jack Woolard
DOCKET NO.: 05-02383.001-R-1
PARCEL NO.: 11-12-400-005
The parties of record before the Property Tax Appeal Board are Jack Woolard, the appellant, and the Franklin County Board of Review.
The subject property consists of a three-acre site that is improved with four structures. The first structure is a one-story frame dwelling containing 1,230 square feet of living area that was built on a concrete slab foundation. The dwelling is over 70 years old. The second structure is a one-story wood dwelling containing 4,756 square feet of living area on a concrete block foundation that is approximately 30 years old. The structure was originally constructed as a "Western Store", but was converted into a dwelling/office by the current owner. The two other structures are wood and steel pole buildings that contain 2,016 and 12,000 square feet of building that area that are approximately 30 years old. They are used for storage of farm equipment. Both buildings have small partitioned areas used for a shop or an office space.
The appellant appeared before the Property Tax Appeal Board arguing overvaluation as the basis of the appeal. In support of this argument, the appellant offered testimony and submitted an appraisal performed by a state licensed appraiser. The appraiser used two of the three traditional approaches to value in concluding the subject property has a fair market value of $130,000 as of March 9, 2006. The appraiser was present at the hearing to offer testimony and be cross-examined regarding the appraisal methodology and final value conclusion.
Under the cost approach, the appraiser estimated the subject's land value to be $6,900 or $2,300 per acre based on three suggested comparable land sales. The replacement cost new of the four structures was estimated to be $84,480, $215,060, $26,400 and $109,800, or a total of $435,740 using Marshal and Swift Cost Service. Physical and functional depreciation was estimated to be 59% or $257,090 based on the weighted age/life method of depreciation. As a result, the improvements had a depreciated